The Five-year Shareholder Returns and Company Earnings Persist Lower as Health and Happiness (H&H) International Holdings (HKG:1112) Stock Falls a Further 7.1% in Past Week
The Five-year Shareholder Returns and Company Earnings Persist Lower as Health and Happiness (H&H) International Holdings (HKG:1112) Stock Falls a Further 7.1% in Past Week
Long term investing works well, but it doesn't always work for each individual stock. It hits us in the gut when we see fellow investors suffer a loss. Imagine if you held Health and Happiness (H&H) International Holdings Limited (HKG:1112) for half a decade as the share price tanked 78%. The falls have accelerated recently, with the share price down 12% in the last three months.
长期投资很有效,但并不总是适用于每个个体股票。看到其他投资者蒙受损失,我们会感到很沉重。试想一下如果持有康健国际控股1112股票的时间超过半个十年,股价暴跌了78%。最近跌幅加剧,过去三个月股价下跌了12%。
After losing 7.1% this past week, it's worth investigating the company's fundamentals to see what we can infer from past performance.
过去一周下跌7.1%后,值得调查公司的基本面,以了解我们可以从过去的表现中推断出什么。
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
引用本杰明·格雷厄姆的话:在短期内,市场是投票机,但在长期内,市场是称重机。通过比较每股收益(EPS)和股票价格的时间变化,我们可以感受到投资者对公司的态度随时间而变化。
During the five years over which the share price declined, Health and Happiness (H&H) International Holdings' earnings per share (EPS) dropped by 7.4% each year. Readers should note that the share price has fallen faster than the EPS, at a rate of 26% per year, over the period. This implies that the market was previously too optimistic about the stock. The less favorable sentiment is reflected in its current P/E ratio of 9.96.
在股价下跌的五年中,康健国际控股的每股收益(EPS)年均下降7.4%。读者应注意,股价下跌的速度比EPS快,期间为每年26%的速度。这意味着市场先前对该股持有过于乐观的态度。不太优惠的情绪反映在其当前的市盈率为9.96。
The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).
该公司的每股收益(随时间的推移)如下图所示(单击可查看确切数字)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240618/0-17deb9682d4d6ca863ee120db80b1e7e-0-4309183bd11c00d0d1b11e28ff472108.png/big)
Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here.
在购买或出售股票之前,我们始终建议仔细研究历史增长趋势,此处提供。
What About Dividends?
那么分红怎么样呢?
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, Health and Happiness (H&H) International Holdings' TSR for the last 5 years was -73%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
在考虑投资回报时,重要的是考虑总股东回报(TSR)和股票回报之间的差异。 TSR包括任何剥离或折让的资本筹集(基于股息被重新投资的假设),以及任何股息。因此,对于支付慷慨的股息公司而言,TSR通常比股票回报高得多。就中国神威药业集团而言,其TSR在过去5年中达到了75%。这超过了我们之前提到的股票回报。该公司支付的股息已经提高了总股东回报。总股东回报和股票回报而股价回报仅反映了股价的变化,TSR包括股息价值(假设它们被再投资)以及任何优惠资本筹集或分拆的好处。可以说,对于支付股息的股票,TSR提供了更完整的图片。恰好,康健国际控股过去5年的TSR为-73%,超过了前面提到的股价回报。而且,毫无疑问,分红支付大大解释了这种差异!
A Different Perspective
不同的观点
While the broader market gained around 1.1% in the last year, Health and Happiness (H&H) International Holdings shareholders lost 1.9% (even including dividends). Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. However, the loss over the last year isn't as bad as the 12% per annum loss investors have suffered over the last half decade. We would want clear information suggesting the company will grow, before taking the view that the share price will stabilize. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. For instance, we've identified 3 warning signs for Health and Happiness (H&H) International Holdings (1 makes us a bit uncomfortable) that you should be aware of.
尽管市场整体上一年涨了约1.1%,但康健国际控股股东亏损了1.9%(包括股息)。即使好股票的股价有时会下跌,但我们想看到企业的基本指标有所改善,然后再有兴趣。然而,在过去一年中的损失并不像投资者在过去半个十年中蒙受的每年12%的损失那么严重。在认为股价将稳定之前,我们需要清楚的信息来表明公司将增长。我发现观察股价的长期表现作为业务表现的代理很有趣。但是,要获得真正的见解,我们还需要考虑其他信息。例如,我们已经确定康健国际控股存在3个警告信号(其中1个使我们有点不舒服),您应该知道。
But note: Health and Happiness (H&H) International Holdings may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).
但请注意:康健国际控股可能不是最好的股票购买选择。因此,请查看此免费的有过去盈利增长(和进一步增长预测)的有趣公司列表。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Hong Kong exchanges.
请注意,本文引用的市场回报反映了当前在香港证券交易所交易的股票的市场加权平均回报。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对本文有反馈?关于内容有所顾虑?直接和我们联系。或电邮 editorial-team (at) simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈?关于内容有所顾虑?直接和我们联系。或者,也可以发送电子邮件至editorial-team@simplywallst.com